Cyprus` foreign police is mostly based on regional cooperation and on maintaining long-term relations with our neighbors, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has said. He also pointed out that good political relations without doubt play a role in economic partnerships.

Lakkotrypis was a speaker at the 9th CEO Summit titled “Geopolitics: Could Greece emerge as a Business Hub?” which was held on Tuesday evening in Athens.

The Minister said that with regard to the key issue of the exploitation of the hydrocarbon resources in Cyprus` exclusive economic zone, we have no choice but to shape and implement our strategy, always taking into consideration the various techno-economic parameters and the geopolitical developments in the the Eastern Mediterranean region.

According to Lakkotrypis, in collaborating in the field of hydrocarbons and energy in general, political relations between the eastern Mediterranean countries are essential so as to lay the foundations for the much-needed regional stability and peace.

He stressed that the need for energy partnerships such as the works of the electricity interconnection between Cyprus, Greece and Israel with undersea cable and the cross-border gas pipeline "EastMed Pipeline", which will interconnect the deposits of the eastern Mediterranean to Europe via Greece, can lead in termination of political conflicts between countries.

Lakkotrypis said that countries should have channels of communication at a political level in order to cooperate in the energy sector for mutual benefits.
Moreover the Minister expressed the hope that the role of Cyprus and Greece, will be a catalyst for achieving political, economic and energy cooperation between the countries of our region.

He also said that the discovery by ENI of the Zhor gas field in Egypt`s exclusive economic zone, has attracted interest by large companies in the gas sector for investment purposes. Therefore, he said, the interest in gas fields in Cyprus` EEZ has been upgraded.

He said that our region has emerged as a potential gas exporter and for this reason , the promotion of cooperation in the energy sector between Cyprus and neighboring countries with mutual interests and benefits, is one of the main objectives of the Cyprus Government.